Beijing, Jan 31 (IANS) China is planning to introduce new regulations to further cool the property market.
Housing Minister Jiang Weixin said his ministry has started a project to link databases of personal housing information, covering 40 cities by the end of June.
Since 2010, the government imposed a series of measures to cool the property market, including tighter credit supply, higher down payments and home purchase restrictions.
The new regulation will enable the government to identify people who buy more than one house, the Global Times Tuesday quoted Zhang Dong, head of the property research institute at Central South University, as saying.
China’s property market took off after the government implemented housing market reforms in 1998. But prices have grown out of control in recent years, especially in the wake of the 2008 financial crisis.